More fun and games from the Fed

This is so typical, it verges on hilarious. Bloomberg News is reporting that one of the Federal Reserve’s lending programs is so secretive, the Fed itself does not even know who gets the money.

Let that sink in for a bit.

A currency swap plan enacted to engage the European debt crisis in 2007 has sent hundreds of billions of dollars to who knows whom.

According to the story, European officials will not reveal borrowers’ identities. So the money sent to European central banks went dark once those banks auctioned those dollars off to local commercial banks.

Fed spokesperson Michelle Smith was quoted in the story as saying that U.S. taxpayers did not lose any money on the program.

Somewhere Ron Paul is going into a catastrophic, mouth foaming fit. I can literally see him reading the story and falling to the ground and turning circles, Curly Howard style.